Home Finance Where Not to Finance Your Semi Truck

Where Not to Finance Your Semi Truck

Just a quick search of Yahoo, Google, or MSN can provide truckers with thousands of lenders who are willing to finance most semi-trucks. In the same search, you can find many articles about how and where to finance that truck, but you might not find a great deal of information about where you should avoid when you’re looking for a loan company.

Buying a new semi-truck, whether new or used, is both an exciting and nerve racking for seasoned and new truckers. Because of the emotion and stress involved in the process, you might be ready to jump at the first company who pledges to support your business, but there are still some lenders that you should avoid. Many truckers with many different kinds of businesses and vehicles exist, so these companies might occasionally satisfy the needs of some truckers. But truckers should at least consider them carefully, bearing in mind that they might not be the best decision.

1. The physical office of a loan provider who also has an online business

Although many people, especially those who are on the road for much of their lives, enjoy taking care of their business online, some think they can get better deals by showing up at the store in person. Because Internet providers have a much lower overhead than companies who have storefronts, they can usually offer better deals. Even if you’re going to go with a large, corporate finance, you can probably get a better deal online because the company spends less money on signing you up online than signing up a customer in the store.

2. A loan company that offers high interest rates

If you have a low credit score, or a history of poor credit decisions, then you might be excited that you can get financing at all, but high interest rate loans can leave you still paying on a truck that has broken down or been sold years ago. High interest rates mean you ultimately pay more for the cost of a loan, and this not only harms your own financial portfolio, but it can also be a poor business decision. In addition, loans that have high interest rates may also have other stipulations that make them difficult to deal with. For instance, certain penalties for paying late or missing payments can cause real financial distress.

3. An institution with which you have a bad relationship

The institution that you choose for your loan can be just as important as its interest rate or whether or not the company can be accessed online. Whether you’re going through a traditional bank, a company that you’ve used in the past, or a company that you have used in some other capacity, make sure you consider your previous interactions with this company. Negative issues between you and this institution can affect your interest rate, or if you’re approved for a truck loan at all. Also, if you haven’t been happy with the company in the past, odds are you won’t be happy in the future, even if it is offering you instant approval.

Although some truckers may find that using these methods and institutions can benefit their businesses, these institutions are generally the ones to avoid.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Making Money From Affiliate Marketing

You will find hundreds of articles on this site and on other sites about affiliate marketing. There is a good reason for this...

Niche Brainstorming, Finding Niches That You Like and Convert!

Right, fellow internet-entrepreneurs who dare to take risks: Don't necessarily follow the paved path and do have a creative out of the box...

Affiliate Marketing May Be A Viable Alternative To Routine Jobs

In the current economic scenario, many people have started looking for suitable home based jobs or businesses. This is because they feel that...

Affiliate Marketing – Get Started In 6 Easy Steps

Affiliate marketing is an easy to start online business. It is really easy to start but requires hard work to become successful. In...

Recent Comments